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What’s next after the debt deal? The ECB lowers the interest rates, prints more money and changes its policy mandates to include unemployment…

Wishful thinking…

November 3, 2011, update: What do you know, they were listening!

November 4, 2011, update: (FT, November 4, 2011) “Like his predecessor, Jean-Claude Trichet, the new president also ruled out the ECB acting explicitly as “lender of last resort” to eurozone governments. But Jörg Krämer, chief economist at Commerzbank in Frankfurt said he still believed that “if worst came to worst, the ECB would buy far more government bonds than many people currently imagine – even if this meant funding government expenditure by printing money on a large scale.” “